Join   |   Contact Us   |   Sign In
Community Search
Legislative Updates
Blog Home All Blogs
Search all posts for:   

 

View all (32) posts »
 

Legislative Update: March 20, 2018

Posted By Administration, Tuesday, March 20, 2018

Governor's Supplemental Budget - DEED

On Monday, March 19, 2018, the Senate Jobs and Economic Growth Committee heard testimony regarding the Governor’s  Supplemental Budget Request for the Department of Employment and Economic Development (DEED).  Most specifically applicable to EDAM was testimony by Commissioner Shawntera Hardy on the border to border broadband request of $30 million.  This program funds the expansion of broadband service to areas of Minnesota that are underserved.  This program provides grants for up to 50% of the project development costs.  This funding level is expected to expand broadband access to over 11,000 households, businesses, and community institutions.  Three percent of this appropriation is reserved for program administration and broadband mapping.     

Commissioner Hardy also testified on the Angel Tax Credit.  The Governor’s Tax Bill recommends one-time funding in the amount of $10,000,000 in fiscal year 2019 for the Angel Tax Credit Program.  The program provides a 25% credit to investors or investment funds that put money into startup companies focused on high technology, new proprietary technology, or a new proprietary product, process, or service in specified fields.  

The Department also proposes Minnesota Investment Fund language which would  appropriate $2 million for the expansion of the VERSO paper mill in Duluth.  

Economic Development Day at the Capitol

EDAM joined MAPCED, SBDC and Metro Cities in sponsoring an Economic Development Day at the Capitol on February 28.  The participants had the opportunity to hear from Senator Jeremy Miller (R-Winona), Chair of the Senate Jobs and Economic Growth Finance and Policy Committee.  Senator Miller has been a strong advocate for economic development funding.  He comes from a strong family business background and understands the importance of business development and job creation.  One of the topics that we discussed with Senator Miller was the need for funding for DEED’s Redevelopment Account.  Subsequent to our Day at the Capitol event, Senator Miller introduced Senate File 3579 which calls for an appropriation of $5 million in Fiscal Year 2019 for the Redevelopment Grant and Demolition Loan Program.  

Senator Miller may not have a spending target which will accommodate this funding level in the 2018 Session, but it provides a framework for discussing the restoration of funds for this important program.

Participants in the Day at the Capitol event also heard from Representative Jeff Howe (R-Rockville).   Representative Howe serves on the House Job Growth and Energy Affordability Finance Committee.  He was the author of the 2017 House File which was the vehicle for funding the Minnesota Investment Fund and the Job Creation Fund.  We also had the opportunity to talk with Representative Howe regarding the importance of restoring funding for the Redevelopment Program.

DEED Deputy Commissioner Kevin McKinnon addressed the group as well.  He spoke about the timing of the Supplemental Appropriations Bill in light of the fact that the State Revenue Forecast was being released the day of the event.  

In addition to the discussions regarding the Minnesota Investment Fund, Job Creation Fund and Redevelopment Account, participants were able to share their support for the Border to Border Broadband Program and the Angel Tax Credit.  

The Day at the Capitol provided an opportunity to elevate the profile of these important economic development programs with many key legislators. We will be following-up with key legislators as the Session progresses.

If you have any questions, please call (651) 221-1044 or send an email to kwalli@fryberger.com, srichie@fryberger.com or dtomassoni@fryberger.com.

This post has not been tagged.

Share |
Permalink | Comments (0)
 
Membership Management Software Powered by YourMembership  ::  Legal